Buffett 2013: "Less than meets the eye" in Berkshire results

Saturday, May 04, 2013 - 03:50

May 3 - Berkshire bear Doug Kass, who will question Warren Buffett at the company's annual meeting, says that Berkshire Hathaway's quarterly earnings are ''of lower quality'' if you look at them closely.

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A huge goal. More enjoyable year or do you. There's one person Omaha Nebraska getting all this much attention is Warren Buffett. It is -- caps that gentleman is gonna ask a lot of questions for Warren Buffett's market to see you again thank you that's partly -- -- -- stock market. You -- the bear Warren Buffett invited you to make the bearish case and present some questions I'm not and it's only what you and it acts. But have people been coming up to you leading up to this event and say hey dad what it would even thinking about. Yes I guess you'd have to think about this is a very unique invitation. As a short seller I'm accustomed to companies barring me from questions during earnings conference calls right. Forget about inviting me to ask some hard hitting questions so it's very unique and I says and I think it's. Really shows the measure of the man. I had I taken -- fight face value wanted to spice up the meeting. Think things begin begin to be. Kind of uncomfortable with the nature of the questions. I mean that they were completely analytical and they reference politics taxation -- Public policy and those sort of things which is really irrelevant to an annual meeting. He's also. A games and he loves challenges he loves puzzles -- world class bridge player so I think this is -- Combines today for the invitation. I don't know I hope that after. My questions he doesn't. Resentment of. Invites me that makes you I know you I know you like we got -- a lot of thought that -- written about gas heaviest Karen Curtis about and it's pretty darn good. The ratings word actually lower quality. Look at them closely yes a lot of extraordinary gains and there. And the operating earnings were only up about 11% 12% vs last year and last year actually would -- this it was a large insurance laws. So obviously less than meets the -- I will not tell you I asked him but obviously I've prepared my questions in advance of the earnings of the iron and the questions I have. And really. I'm more general. Let me ask you think you've never been here before because you're not the shareholder. What is not an anti ship -- an F. Don't let that call you know Woodstock -- the profit. I mean I think the whole thing is great I had. When I was invited. I got very excited. And and then I got a little nervous yes I realize. That. I'm like the journeyman. Pitcher. Competing against sandy -- effects of the papacy my cousin of hall of Famer was and it's not this story. I'm in the last game of the World Series and it's not only facing -- my cousin. But look like based batting third -- -- Ruth. Lifetime batting average around 390. And then I got a cleanup. Warren Buffett who has the highest lifetime batting average in the history of Major League finance. Throw some good cars that -- -- and then getting to a question that reflected upon. My life and in August of 1969. I attended Woodstock music festival. And now 44 years and years later. I'm attending the Woodstock of countless of this sort of balance symmetry. I think it's kind of nice. I didn't exactly remember the wits about him. Yeah I remembered. It and it got pat has been great you can't wait to an extent that I think. I've got up there that's right earth.

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